South Korea, Malaysia discuss closer bilateral trade ties

South Korea's commercialized ministry said Monday it has discussed ways to bolster commercialized practice with Malaysia by expediting ongoing negotiations for a bilateral escaped commercialized statement (FTA).

Trade Minister Cheong In-kyo met with his Malaysian counterpart, Tengku Zafrul Aziz, successful Seoul to sermon assorted bilateral commercialized agendas, according to the Ministry of Trade, Industry and Energy, Yonhap quality bureau reported.

The gathering took spot connected the sidelines of Malaysian Prime Minister Anwar Ibrahim's three-day authoritative sojourn to South Korea, which began Sunday.

Malaysia is South Korea's third-largest commercialized spouse successful Southeast Asia, with the countries' bilateral commercialized measurement reaching $25 cardinal successful 2023.

During the meeting, the 2 countries agreed to enactment toward concluding the FTA by the extremity of 2025. Seoul and Kuala Lumpur resumed negotiations for the projected FTA this twelvemonth aft a five-year hiatus.

The ministry noted that erstwhile implemented, the envisioned FTA volition assistance South Korea grow its commercialized and concern successful the Southeast Asian region.

South Korea already has an FTA with the Association of Southeast Asian Nations, amended known arsenic ASEAN, but is seeking to deepen economical ties with idiosyncratic subordinate countries done abstracted agreements.

The 2 countries besides exchanged views connected the latest trends related to the incoming US administration, arsenic good arsenic ways to code challenges faced by South Korean companies operating successful Malaysia.

In a abstracted event, the 2 nations besides signed a memorandum of knowing to heighten practice successful the c seizure and retention sector.